Neighborhood

Urban, suburban, rural, young, old, high-traffic, low-traffic. You have many
different options when it comes to choosing a neighborhood - too many to cover
here. But here are some neighborhood variables to think about.

How long are you willing to commute? This will give you a geographical
boundary to look within.

Do you have children? If so, carefully investigate the school system that
your children will be attending. See what learning opportunities are available
to them. Even if you don't have kids or your children attend private school, the
quality of the schools in your community will have an impact on the resale value
of your home.

Do you like high-energy environments or peace and quiet? When some people go
home, they want to leave the world behind and relax in the peace and quiet of
their personal retreat. Others would be bored to death by that environment and
need more interaction and energy.

What aspects of a community are important to you? Envision the perfect
neighborhood. Ask yourself what makes it perfect? Then seek out that
neighborhood.

When you're looking at homes, try to get a feel for the neighborhood to see
if it's right for you. Talk to the neighbors and ask them what it's like. Be
nosy. After all, you might live there for quite some time.

Are there association fees? Be sure to check if there are homeowner
association fees and how they may impact your budget.

The Right Home

When you're deciding what type of home is right for you, you not only have to
think about now, you must think about your future. Will your family be growing?
Are you going to need an office at home? Are you going to be able to keep up
with the maintenance? You don't want to buy a home and then find out three years
later that you have outgrown it.

Types of properties:

Houses

If you like privacy and independence, buying a single-family
residence might be the right choice for you. Decide whether you want a new home,
a previously-owned home or a fixer-upper. If you buy a newly built home, be sure
to figure in the cost of upgrades and landscaping, which aren't usually included
in the base price. You might be better off with a previously owned home in good
repair. A fixer-upper, on the other hand, may allow you to purchase more home
for your money. Your house will quickly increase in value as you put work into
it - as long as you're willing to invest the time and money it requires to do
the job right.

Condominiums

A condominium is halfway between an apartment and a house. You still own the
building and the property, but you pay maintenance fees every month that pay for
cutting the grass, trimming the hedges, painting the shutters, etc. You're still
responsible for interior repairs and maintenance. Be sure to read the homeowners
agreement before you decide to buy a condominium. These documents dictate what
is and isn't allowed on the property and can include anything from how many and
what types of vehicles can be parked in your driveway to how many pets you can
own.

Co-ops

Co-ops are more frequent in larger cities and they're becoming increasingly
popular. In a co-op, you're a renter, but you're also part of a group that
serves as a landlord. You buy into the association.

Home Size Does Matter

The drawbacks to a small house are obvious - not enough space. But there are
drawbacks to a large home as well. Upkeep is considerably more work with a large
home. The spaciousness that once brought you such happiness may lead to the
frustration of never-ending cleaning and maintenance. Consider how much space
you need, how many rooms you need and how much furniture you want to have. Limit
your home size to meet these requirements unless you're willing to put in a lot
of time or hire maintenance and cleaning professionals.